Your Mail 4-28: Campbell stands by Cleco vote

I stand by my vote last month to approve the sale of Cleco to the Macquaire Group and its partners. The sale will bring real benefits for Cleco’s 286,000 customers throughout Louisiana, such as:

Rate credits equal to two years of 16-percent rate cuts and a cap on rates through 2020;

A reconstituted board of directors with four Louisiana members in addition to a Louisiana chairman;

Job security for Cleco’s 1,200-person workforce for 10 years and protection of retiree pensions and health benefits;

$7 million paid to Louisiana Economic Development for business promotion ; and

Retention of Cleco’s Pineville headquarters.

These achievements would not have been possible had the Public Service Commission rejected the sale. Maybe critics of the sale were content to let Cleco customers continue struggling to pay the highest electric rates in the state. I, on the other hand, saw Macquaire’s eagerness to buy Cleco as an opportunity to substantially lower the rates and avoid future rate increases. That is why I publicly challenged the buyers to address the rate issue.

When Macquairie accepted the challenge, and the business and political community in Cleco’s territory demonstrated strong support for the sale, I joined with three other PSC members and voted for the agreement. Numerous local governments, chambers of commerce and individual Cleco employees sided with us.

Foster Campbell

Bossier City

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